Gratuity Exempted Under Section 10(10) Gratuity received during the employment is fully taxable for the all employees i.e government as well as non- government employees. Gratuity received at the time of Retirement…
Category: Income From Salary
Taxability Of Car Benefit by Employer to Employee [Amended]
Car Facility Car facility is used for fully office purpose- Fully Exempt Car is used for personal purpose Car is owned by employer Car is owned by Employer 10% of Cost Driver’s…
Rent Free Accommodation- Method Of Taxability and Computation
Rent Free Accommodation This accommodation is given to the employee without any charge and in some cases a nominal rent is received from the employee. Such facilities which are given not in…
Important Perquisites Under Salary and Its Taxability [Latest]
Loan given by employer to employee at the concession rate or without rate of interest If loan is taken by employee then the taxable amount is = Loan amount x (SBI rate…
Section 10(10AA): Leave Encashment & Its Tax Implications [NEW]
Leave salary Leave salary means en -cashment of unutilised leave of assessee. The term “leave encashment” refers to compensation or payment made in return for unused leaves. Employees can cash in their…
Section 10(13A):Exemption Under House Rent Allowance[Updated]
Salaried individuals, who live in rented houses, can claim the House Rent Allowance (HRA) This allowance is for expenses related to rented accommodation. If you don’t live in a rented accommodation, this…
Provident Fund Contributions and Its Taxability [ Latest Amended ]
Provident Fund Contribution and Its Taxability Statutory Provident Fund Particulars Taxability Employee Contribution Deduction under u/s 80c allowed Employer Contribution Exempt From tax Under Section 10. Interest On the Statutory Provident Fund…
Sec 10(5):Leave Travel Concession Eligibility & Exemption [Latest]
Leave Travelling Allowance Leave travelling allowance is given under the section 10(5) Leave travelling concession i.e exemption is available for the travelling of employees, his spouse, children and dependent relatives i.e Mother,…
Computation Format of Taxable Income From Salary [Important]
Computation format of Income From Salary Particulars Amount Basic Salary [Note-1] xxx Dearness Allowance (DA) [Note-2] xxx Commission [Note-3] xxx Bonus [Note-4] xxx Advance Salary/ Arrears Salary [Note-5] xxx Gratuity xxx…
Section-15: Income Chargeable Under Head Salary [Latest Added ]
Section-15 charging section Income is taxable under the head salary if there is Employer and Employee relationship. Salary is taxable for the part time like employee work with 2 employer’s simultaneously. Salary…
